New Research Warns Bitcoin Could Need Months of Downtime to Defend Against Quantum Threats

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Why it matters: A University of Kent study reveals Bitcoin’s blockchain could require up to 76 days of complete downtime to implement quantum-resistant security measures, potentially costing nearly $1 billion in losses. As reported by Futurism, the findings come as Google’s new Willow quantum chip demonstrates unprecedented computing power.

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The Big Picture: Fortune reports that the quantum computing threat to Bitcoin operates on two fronts:

  • Breaking encryption protecting private keys
  • Disrupting mining network integrity
  • Compromising blockchain security

Technical Challenge: Updating Bitcoin’s security presents a massive logistical hurdle:

  • 76 days of complete network shutdown needed
  • Alternative 305-day partial update possible
  • Estimated $912 million in potential losses (Binance)
  • 275 million users requiring consensus

Time Pressure: While quantum computers capable of breaking Bitcoin’s encryption don’t exist yet, experts warn preparation is crucial:

  • Google’s Willow chip solves problems 10 septillion times faster than supercomputers
  • Commercial quantum threats predicted within 5 years
  • 1.9 million Bitcoins stored in vulnerable pre-2012 addresses

Looking Forward: The cryptocurrency community faces difficult choices between extended downtime for security updates versus risking future quantum attacks. The decentralized nature of Bitcoin makes coordinating such massive changes particularly challenging.

Al Landes

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